Web Desk: Global crude oil prices climbed to a four-year high on Thursday after U.S. President Donald Trump announced the continuation of a naval blockade against Iran.
Brent crude, the international benchmark, surged by 8 percent following the declaration. This spike pushed the price to 121 dollars per barrel, marking its highest level in nearly four years. Similarly, U.S. West Texas Intermediate crude increased by 7 percent, reaching a new price of 108 dollars per barrel.
Market analysts attribute the sharp rise directly to the heightened geopolitical tensions in the Middle East. President Trump’s decision to maintain the maritime blockade significantly restricts Iran’s ability to export petroleum, thereby tightening global supply. Furthermore, the persistent deadlock in diplomatic negotiations between Washington and Tehran has fueled market uncertainty.
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